ADNOC Gas annual core earnings jump 32% on pro forma basis

ADNOC raised $2.5 billion earlier this month by selling a 5 percent stake in ADNOC Gas to investors via an initial public offering.

DUBAI: (RAHNUMA)Abu Dhabi National Oil Co. Gas on Thursday reported a 32 percent increase in its 2022 core earnings on a pro forma basis, citing a higher pricing environment and increased sales volumes amid strong market conditions.

ADNOC raised $2.5 billion earlier this month by selling a 5 percent stake in ADNOC Gas to investors via an initial public offering.

ADNOC Gas’ pro forma adjusted core earnings for last year came in at $8.7 billion, the company said in a bourse filing, up from $6.6 billion in 2021.

ADNOC Gas became operational on Jan. 1 through the consolidation of ADNOC Gas Processing, ADNOC LNG and ADNOC Industrial Gas.

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